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House Down Payments are Cheaper Than Ever, But You Pay the …

House Down Payments are Cheaper Than Ever, But You Pay the …

For decades, the recommended down payment on a house has been 20%, however due to rising home prices, the average down payment in 2022 was just 6%. Recently, two major lenders have started offering some customers mortgages with only 1% down payments, to help those struggling to buy a home. However, this lower down payment comes with higher monthly payments and a higher interest rate, as the lender takes on more risk.

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Steve Beaupre

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